Should I Consider Setting up a Foreign Family Office to Protect My Assets?
One of the most important aspects of accumulating significant wealth is the protection of your assets. Many wealthy families today prefer to have complete control over their financial affairs. If your portfolio is worth over $10 million, a foreign family office may be the best strategy for you.
A foreign family office is really a business approach to the management of wealth. It integrates legal tax, investment advisory and insurance. All of the products discussed in many of the other 15 global strategies to protect your wealth are brought together in a professional corporate setting. Here, the management, growth and stewarding of the wealth are the focus of the family office itself.
A family office eliminates redundancy, simplifies procedures and frees you to enjoy your life and work. Instead of having your affairs handled by a confusing plethora of different advisers and companies, you can have everything taken care of under one roof.
A family office can handle business management, investments and estate planning, including setting up trusts for charitable donations. It can provide a place for your children and grandchildren to learn about the family fortune and how to administer their share of it when they come of age. It can even supervise the purchase and management of collectors' items and the routine maintenance of your homes and vacation spots. Best of all, you are in complete charge. You'll have fast, easy access to vital reports and documentation. You can request changes with a simple email or phone call.
An individual foreign family office is just for you. It involves a number of highly trained professionals working to protect and preserve your family's business and financial interests.
In a shared family office, you can have multiple families sharing the same staff. Usually between three and five families participate, for the sake of economies of scale.
To learn more about Foreign Family Offices or global asset protection, visit www.nagellaw.com or call Joel Nagel at 412-200-5115.